Although mobile wallets are a relatively new form of payment, nearly 3 in 10 consumers (29%) expressed a willingness to adopt this emerging payments alternative in the next six months, according to recently released results from a consumer survey by Computer Services, Inc.
Conducted by Harris Poll on behalf of CSI, a provider of financial technology solutions, the survey ran online May 9-11, 2016, and represents feedback from nearly 2,100 adults ages 18 and older about their banking habits and preferences.
According to the results, CSI found that 12% of Americans strongly agree that they plan to use mobile wallet technology within the next six months. This willingness was even more prevalent among millennials, with 19% of consumers age 18-34 planning to use it.
“These results confirm that financial institutions are on the right track by investing in advanced mobile banking solutions that attract younger generations,” said Steve Powless, CSI’s chief executive officer.
“And innovations like digital wallets affect all consumers and should be a strategic focus area for banks. While millennials lead the way in adoption, as we’ve seen with other digital banking services, more generations will also embrace new technology as it becomes more commonplace.”
Unsurprisingly, baby boomers (ages 55 and older) were less willing to consider using mobile wallets in the next six months, with just 7% of this generation indicating a strong chance of using the payment alternative. However, these results present an opportunity for financial institutions to engage these customers on the value of mobile banking services, as well as provide insight and training on how to utilize these alternative payment offerings.
“Although banks must appeal to millennials as well as Gen Xers—consumers age 35-54 who also are fond of digital banking solutions and mobile payments—it is equally important to take older generations into consideration with launching mobile banking offerings,” Powless said.
“When investing in digital banking, financial institutions must dedicate extensive effort into training and marketing these services to customers of all ages, so they are knowledgeable of each bank’s specific solutions and can utilize those offerings most relevant to them.”